Fueled by the success of a program designed to promote, reward and increase the pipeline of high-growth, innovative ventures across the state, organizers of the 2014 Alabama Launchpad Start-Up Competition have boosted the payout in this latest round nearly three-fold to $300,000.

Aspiring entrepreneurs in need of a little early-stage funding have only until Sunday, however, to submit an application and a $150 non-refundable application fee, with the registration deadline expiring at midnight June 1.

Alabama Launchpad, the brainchild of the Economic Development Partnership of Alabama Foundation, allows "pre-seed" companies to compete in an entrepreneurial-infused environment for their share of a collective start-up funding pool. Competitors must prove their commercial relevance to a five-judge panel comprised of entrepreneurs, investors and corporate stakeholders.

To date, the competition has awarded more than $1.3 million to winners, with an emphasis placed on the creation of high-wage, high-growth jobs. Specifically, Alabama Launchpad represents the "renewal" component of the state's broader, long-range economic development plan, Accelerate Alabama.

Click here to see the five teams selected in March to split $135,000 in the most recent round of Launchpad funding.

Funded by corporate sponsors and the Alabama Research Alliance, Alabama Launchpad also receives support from seven partnering universities, including Alabama State University, Auburn University, the University of Alabama, University of Alabama at Birmingham, University of Alabama in Huntsville, the University of South Alabama and Alabama A & M University.

For complete rules and more information, visit the Alabama Launchpad website, or contact Sheek by phone at (205) 943-4724 or via email at gsheek@edpa.org.